Item #2, Residential Energy Efficient Property Credit has been corrected to replace an erroneous reference that geothermal heat pumps qualify only when installed on or in connection with a taxpayer's main home located in the United States. The error was in limiting the credit to the taxpayer's main home. Qualified geothermal heat pumps that are installed on or in a taxpayer's home (including a taxpayer's second home) located in the United States may qualify for the credit. Only qualified fuel cell property is subject to the main home installation requirement under the Residential Energy Efficient Property Credit rules.
The IRS would like you to get some credit for qualified home energy improvements this year. Perhaps you installed solar equipment or recently insulated your home? Here are two tax credits that may be available to you:
Not all energy-efficient improvements qualify so be sure you have the manufacturer's tax credit certification statement, which can usually be found on the manufacturer's website or with the product packaging.
If you're eligible, you can claim both of these credits on Form 5695, Residential Energy Credits when you file your 2011 federal income tax return. Also, note these are tax credits and not deductions, so they will generally reduce the amount of tax owed dollar for dollar. Finally, you may claim these credits regardless of whether you itemize deductions on IRS Schedule A.
You can find Form 5695 at IRS.gov or order it by calling 1-800-TAX-FORM (800-829-3676).
TaxACT Free Federal and Deluxe Editions walk you through the credits and complete Form 5695 for you. Start your TaxACT Online return now.
March 3 (Farmers & fishermen)
File your 2013 income tax return (Form 1040) and pay any tax due - Details
March 10 (Employees who work for tips)
If you received $20 or more in tips during February, report them to your employer - Details
March 17 (Corporations)
File a 2013 calendar year income tax return (Form 1120) and pay any tax due - Details
March 17 (S Corporations)
File a 2013 calendar year income tax return (Form 1120S) and pay any tax due - Details
March 17 (S Corporations)
S Corporation Election: File Form 2553, Election by a Small Business Corporation, to elect to be treated as an S corporation beginning with calendar year 2014 - Details
March 17 (Partnerships)
Electing Large Partnerships: Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner's Share of Income (Loss) From an Electing Large Partnership, or a substitute Schedule K-1 - Details
March 31 (All businesses)
File Forms 1097, 1098, 1099, 3921, 3922, and W-2G with the IRS. This due date applies only if you file electronically - Details